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Course: Financial Literacy > Unit 12
Lesson 10: How blockchain works- How Blockchain Works: Introduction
- How Blockchain Works: Why Blockchain?
- How Blockchain Works: Under the Hood
- How Blockchain Works: Beyond Currencies
- How Blockchain Works: Marketplace & Price
- Blockchain: Trustworthy or a Scam?
- Blockchain: Societal Impact
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How Blockchain Works: Introduction
Coinbase CEO Brian Armstrong kicks off the How Blockchain Works series that dives into the details of how blockchain technology operates. From its decentralized nature to its potential impact on society, we'll cover it all in this series.
Featuring Brian Armstrong CEO & Founder of Coinbase
Mark Cuban, Investor
*The information in this video is not financial advice. Created by Code.org.
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Video transcript
So when people first hear about blockchain, they often
find it to be a little bit confusing or it's daunting to understand it,
and that's totally understandable. We've all heard a lot
about cryptocurrencies like Bitcoin. The digital currency
has exploded in popularity this year. Unbelievable how much this has taken off.
Well bitcoin has been plummeting, cryptocurrencies basically have no value. There's the currency like bitcoin and then
there's the technology, like blockchain. To really understand crypto, you have to understand the technology
that makes it possible. Blockchain. What's blockchain? Blockchain is a distributed database
that is supported by remote validators that enable security and replication
of the information on the blockchain so it's never lost. Huh? Blockchains are decentralized
databases. It records transactions. When you change the information
on one computer, it changes the information on all the
other computers at exactly the same time. Blockchain
is a new technological innovation that stores transactions
on a distributed ledger of computers. It has the potential to enable
significant societal and political change by removing the trust that's needed in
intermediaries or third parties. What can blockchains be used for? Blockchain technology can disrupt
the art world. It can disrupt social media. For medical records,
for property records, for property rights, for creating a stream of income,
whether it's a song or a picture. We won't really know what its future is
until it gets properly regulated. If you know nothing about blockchain,
don't worry. This series breaks down the technology
into simple to understand steps. We'll talk about what impact it's having
on the world today and on the future.